Cambodia has a lot going for it when it comes to transitioning to the fourth industrial revolution (IR4), according to Prudential Corporation Asia. It points out that the Kingdom has one of the highest mobile penetration rates in the world at 124 percent. There are 20 million mobiles for a population of 17 million, half of which are smart phones. Eight in 10 people have access to a 4G connection and data rates are among the cheapest in the region.
On the downside, telecoms companies are still waiting for government permission to launch 5G and according to the United Nations Development Programme (UNDP) only 5 percent of rural youth have access to wired home internet and just 35 percent of high school students own a computer. A 2020 UNDP report found digital literacy ranged between 47 and 51 percent for high school pupils, students and working youth. Prudential says with half the Cambodian population under 25 all it takes is training to take advantage of new digital opportunities.
“We are at a unique time where many new technologies are maturing and coming together at a rapid pace, including technologies like cloud computing, big data, AI [artificial intelligence], machine learning, as well as augmented reality, IoT [internet of things] devices, smart sensors, 3D printing, and, most importantly, increased mobility and connectivity. Collectively they enable new digital capabilities never seen before,” said Andy Chun, Regional Director for Technology Innovation at Prudential Corp.
Schools and Universities need to focus on teaching about data processing, AI, and machine learning, according to Chun.
“We often characterize digital transformation with what’s called the 3Ds. It starts with digitization, turning information into digital form and organizing it for easy access in data storage. The next step is digitalization. Once you have data, you can automate processes, for example using robotic process automation. As well as streamline processes using AI: for insurers, this may be automated underwriting and claims processing. The fruit of all this work is the final stage of digital transformation, where you can leverage AI to transform how a company interacts with its customers, transform the products and services it offers, as well as empower its people to new ways of working, Chun said.
The Coronavirus pandemic has hastened the digital transformation, with online learning, shopping and even medical consultations. Chun says the unexpected speed of the move to digital has created a sudden skills shortage. He urged employers to consider retraining staff to give them the new skills they need to do well in the firm and help their company prosper.
“The benefits of digital transformation are immense and can span throughout an organization. With systems of intelligence created with data and AI, companies will be able to engage their customers better through hyper-personalization as well as streamlined customer experience through automated processes. Digital transformation and AI also empower your employees with data and insights on customers and markets. Operations will be optimized and streamlined. But most importantly, digital transformation will allow businesses to create new products and services in ways not possible before, as well as doing it faster, better, and cheaper,” Chun said.
There are potential pitfalls to putting everything online, according to Chun. He said that losing the personal touch with customers could kill a business.
“Great customer experience is only possible if businesses can collect enough data about a customer, and use data analytics and AI to predict their demographics, their interests, their goals, what they can afford, what life stage are they in, etc. We need data so that we can personalize and give each customer a unique online experience as well as appropriate content and product or service recommendations. Data and AI allows us to humanize the digital experience and treat each digital customer as diverse unique individuals that they are,” he said.
What is Artificial Intelligence?
Artificial intelligence (AI) is the simulation of human intelligence in machines. The machines are programmed to think and perform actions just like humans do. In this case, machines learn and solve problems through supervised, unsupervised, or reinforced learning. Machine Learning and Deep Learning fall under the purview of AI.
Role of AI in different industries
AI has seamlessly integrated itself into business processes. Not only does it make our business lives easy but it also carries out tasks in a much more efficient fashion.
Although it is still in its nascent stage in many ways, here’s the best part –
We produce a staggering amount of 2.5 quintillion bytes of data every single day. And nothing but AI has the capability to process and derive meaning from it.
Market and Customer Insight – Artificial Intelligence functions on massive amounts of data. Whether it’s through system matrix, web matrix, or social media, there’s no dearth of data about the market or the customers. All this acts as raw material for AI systems to make efficient decisions about marketing your product/service.
Virtual Assistance – With Virtual Assistance, companies can be there for there customers 24*7. Here’s a fact — most of the customers call the customer support service looking for general answers. All these queries can be efficiently handled by a chatbot.
Process Automation – Why would a business want its human resources to do a task that can be automated? AI facilitates the automation of various business processes across different industries. This not only quickens the entire process but also nullifies the chances of human error.
Efficient Data Usage – Unlike earlier times, the data that is available now is not in structured formats. It surpasses the human ability to process that data and identify human meaning out of it. AI is a tool to sail businesses through this too. Also, businesses can now use this data to understand customers better and unfollow the one-size-fits-all approach.
Enhanced Customer Experience – Is there anything more important for a business than loyal customers? But to build that you not only need to fulfill their demands but also engage them better than your competitors. AI analyses their behavior and with actionable insights offers them exactly what they’ve been looking for.
Why Artificial Intelligence is crucial to your business?
AI solutions are affordable – The best part about AI is the fact that it is for everyone. From SME’s to Fortune 500 companies, Artificial Intelligence is sure to have something for all. So, you do not need to wait for ridiculously high incomes to be able to incorporate AI solutions, you can do it — right now! Yes!
Here are a few ways to start –
- Start with finding solutions to one problem at a time (keep your ROI in check.)
- Leverage Chatbots.
- Rather than implementing Machine Learning, automate it.
- Make use of existing tools rather than building yours from scratch.
Automating the marketing process helps in increasing sales – New-age marketing requires you to show those products to the customers that they want to see. And automating the marketing process facilitates that.
AI makes it easier to understand the patterns of customers and market the products accordingly. The chatbots also play a huge role in converting the customers who visit the organization’s website.
AI smoothens the marketing process and shoots sales with targeted ads, customized product recommendations, re-marketing strategies, price adjustments, and many more techniques.
AI-enabled business enhances work efficiency – When you eliminate mundane tasks from the to-do list of your workforce, they’re bound to focus on what that do best. And this enhances efficiency. AI works best when it complements human intelligence. Also, note that unlike humans AI can do the same task day in and day out without losing concentration. This makes business processes even more effective.
AI makes automated communication between business and consumer – There’s no denying the fact that communication is truly the key when it comes to the business-customer relationship. Also, customers are in their right to need it on various platforms and at all times. This process can be automated through AI. Machine learning algorithms can learn from experience and communicate with customers in a personalized manner. For businesses, this saves time, whereas for customers this increases their engagement with the business.
AI makes it easy to handle Inventory – The biggest issue with handling inventory is that each time you’ve to get it just right. You must have appropriate stock to not fall short but also not have it in excess that it drains your cash.
AI is here to get it right. It is capable to automate the refilling requests by predicting the future buying behavior of the customers. Thus it will help you to keep your business going, reform turnaround times and stock the right products just when you need it.
AI helps in Fraud Prevention and Data protection – Human error is inevitable but you cannot always afford it. You can spend all your time detecting frauds and securing your data, but there will still be loopholes left. What do you do in this case? The answer is right in front of you — leverage AI.
The subset of AI, that is, the Machine Learning works by learning from experiences and identifying the process. And that’s exactly what is required here — cracking the patterns and sending alerts when it begins.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.